Market Insights Consumer Food Convenience Food

Soups - Serbia

Serbia

Revenue in the Soups market amounts to US$36.57m in 2024. The market is expected to grow annually by 5.07% (CAGR 2024-2029).
In global comparison, most revenue is generated in Indonesia (US$10,110m in 2024).
In relation to total population figures, per person revenues of US$5.15 are generated in 2024.
In the Soups market, volume is expected to amount to 7.20m kg by 2029. The Soups market is expected to show a volume growth of 1.4% in 2025.
The average volume per person in the Soups market is expected to amount to 0.9kg in 2024.

Key regions: United Kingdom, Russia, Philippines, United States, Spain

Market

Region

Region comparison

Currency

Analyst Opinion

The Soup Market in Serbia is experiencing minimal growth due to factors such as consumer preference for fresh ingredients and a lack of innovation in product offerings. This stagnant growth is impacted by the overall convenience food market, which is facing saturation and a shift towards healthier options.

Customer preferences: The convenience and simplicity of ready-to-eat soups have become increasingly appealing to busy consumers in Serbia. This trend is driven by the growing number of individuals living fast-paced lifestyles, as well as the rising demand for on-the-go meals. Moreover, the availability of a wide range of soup flavors and varieties catering to diverse dietary preferences has further contributed to the popularity of soups in the convenience food market.

Trends in the market: In Serbia, the Soups Market of the Convenience Food Market within The Food market is experiencing a shift towards healthier options, with a focus on organic and natural ingredients. This trend is driven by consumer demand for more nutritious and sustainable products. The trajectory of this trend is expected to continue, as consumers become more health-conscious and seek out convenient yet wholesome meal options. This trend has significant implications for industry stakeholders, who must adapt their product offerings to cater to this growing demand for healthier soups. It also presents an opportunity for new players to enter the market with innovative, health-focused soup options.

Local special circumstances: In Serbia, the Soups Market of the Convenience Food Market within The Food market is heavily influenced by the country's rich culinary traditions and cultural preferences. Traditional soups, such as cevapi and goulash, continue to be popular among locals, while innovative fusion soups are gaining popularity in urban areas. Additionally, the country's strict regulations on food imports have limited the variety of soups available, leading to a demand for locally produced options. This unique combination of cultural and regulatory factors shapes the dynamics of the Soups Market in Serbia, setting it apart from other markets.

Underlying macroeconomic factors: The Soups Market of the Convenience Food Market within The Food market in Serbia is greatly impacted by macroeconomic factors such as economic growth, consumer purchasing power, and government policies. As the country continues to recover from the effects of the global economic crisis, there has been a steady increase in consumer spending, leading to higher demand for convenience food products like soups. Additionally, favorable government policies and investments in the food industry have contributed to the growth of the market. However, the high unemployment rate and inflation challenges in the country may hinder market growth in the near future.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.